Alexandria's Mark Center Sold To New Owners

ALEXANDRIA, VA—For the first time in over a decade, Alexandria's Mark Center is changing hands. Pennsylvania-based Morgan Properties announced Wednesday it had acquired the mixed-use development for $509 million.

Under new ownership, the 150-acre mixed-use apartment community and shopping center will see some changes. The Mark Center currently has 2,664 units in six garden-style apartment communities, and Morgan Properties plans to consolidate them into four large communities.

With this comes renovations to apartment units, including adding 2,200 washers and dryers, upgrading appliances, refurbishing the exteriors and more. The real estate management company also will add more amenities to the Pavilion clubhouse: a fitness center, business center, movie theatre, club room, putting green turf and dog park.

Morgan Properties has not announced any initial changes to the 63,320-square-foot shopping center, which has stores such as Starbucks, Global Foods and CVS Pharmacy.

Morgan Properties, based in King of Prussia, Pa., owns 146 apartment properties mainly in the Northeast and Mid-Atlantic regions. It also owns a number of Maryland apartment properties in the DC area, as well as Virginia properties in Newport News and Stafford County.

The former owner had acquired the property in 2006 and received approval from the City of Alexandria in 2012 to redevelop the apartment communities and retail center into a true mixed-use development.

“The Mark Center acquisition is a major milestone for Morgan Properties, as it marks our second largest transaction in the company’s history and solidifies our position as one of the largest multifamily owners in the Greater Washington DC Metro area,” said Jonathan Morgan, President of Morgan Properties JV Management in a statement.

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Image courtesy of Morgan Properties